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Gold Technical Overview: Gold trading at 1297, above the key support at 1296 now, downside day support stands at 1292 the earlier resistance now turned to support. As trend remains firm, for the day can be in sideways trade where downside 1285 and upside 1315 can be the range levels. For the coming session one can hold or buy from every low till 1290 levels for upside 13011-15 zones. Overall buy on dips is advised for the day with hurdles at 1302 and 1308 meanwhile.

The recent “risk off” move this week as we discussed in yesterday’s report here has seen the US Dollar rally against most major currencies with a flight to quality move in Forex markets, with the US currency seen as a safe haven,On a separate but connected basis, the Canadian Dollar has weakened recently with the oil price displaying a more negative tone (partly due to the “risk off” scenario).For the USDCAD FX rate, this combination of a stronger US Dollar and weaker Canadian Dollar has pushed USDCAD higher, with the currency pair now poised at a key resistance level (see below).

Oil market is focused on weakening growthSellers are similarly concerned about the high level of productionA survey of oil analysts is not optimistic on an upside resurgenceTechnical sentiment is broadly negative

Dollar Index: Technical Update ; head and shoulders pattern: Daily chart shows forming a right shoulder in inverted head and shoulder pattern, technically above 95.75 can rise again till 96.55.. a break should rise till 98 as per pattern calculation... overall buying in dollar is advised for the coming week as per chart.

New week news startegies, confused about which way market moves? gold will rise or fsll, euro, gbp will risr along or go against? Brexit impact still reflecting pound? All your questions will answer at one place...

On energy we see price recovering in an impulsive manner, ideally unfolding a bigger three-wave reversal.With current rally from the 42.46 level comes an indication that a low had been put in place for a former higher degree wave A and that a bigger black wave B correction can be in the making. In such case, a five-wave rally for sub-wave A of B can now be in development which can later look for resistance and a turn into a minor sub-wave B correction near the 55.30 area (area of Fibonacci projection zone of 261.8).

That said, now we are tracking minor wave 4) of A, which can look for support around the Fibonacci projection zone of 38.2 and 50.0.